Joint mission of European Commission, IMF to arrive to Hungary on July 17

Analysis

A joint mission of the European Commission and the IMF is scheduled to arrive for talks to Budapest on July 17 to start talks on financial assistance, EC spokesman Olivier Bailly said in Brussels on Friday.

He said the two institutions will start talks on a precautionary program after the Hungarian Parliament adopted amendments to the central bank act on Friday.

Once the amendments are fully adopted and come into force, the European Commission is ready to proceed with the closure the infringement procedure it launched against Hungary regarding central bank independence in January, the spokesman said, noting that closing the procedure will now be a matter of formality.

The amendments passed integrate the elements requested by the European Commission in its infringement procedure and by the three institutions - the EC, the IMF and the European Central Bank - at recent consultations regarding the act, Bailly said.

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